Society accounting & management solution in Mumbai

Category: Other

The importance of the treasurer in the management of a housing society cannot be overstated. The treasurer is the backbone of the entire financial framework of the society and is responsible for any financial mismanagement or fraud. In this article, we define the functions of a treasurer so that you have a clear understanding of his responsibilities. What is a Treasurer? The Treasurer is the elected official of the housing society who is responsible for financial and legal compliance, assets, and liabilities and whose primary job is to manage and oversee the financial affairs/activities of the society. What type of treasurer should be appointed by the housing society? Society should choose a treasurer who is financially literate, has knowledge of the functioning of the society accounting, and has skills such as paying attention to details, careful record-keeping habits, and strong moral values. What is the role of the treasurer in housing society? Some people usually mix the role of secretary and treasurer. This can be misinterpreted when reading the Model Housing of the State Housing Corporation, in which the Secretary is entrusted with the highest financial management duties. The role of the secretary is also administrative and communications-centric, while the treasurer is in charge of finance-related work. Responsibility of Treasurer 1) Financial Management All the money received by the society should be deposited in the bank/depository and receipts should be given to the payers. Record members' contributions for maintenance, compensation, general funds, etc., point out late or persistent payments to secretaries, and implement functional payment collection procedures that secretaries/committee members may follow. Pay all vendors, service providers, etc. by signing a check, bill of exchange, etc., or signing a bill of exchange (transfer of online payments). Reconcile the bills received from member ledgers, passbooks, statements, and general account ledgers from depositors and reconcile them annually. To verify the member's contribution between maintenance charges, parking charges, transfer premiums, and any other charges, as well as the amount paid by the members and the interest payable by the defaulters. Develop a financial transaction strategy to pay sellers and lenders, as well as a short cash policy for internal expenses and a cash withdrawal policy. 2) Budget planning • Creating an annual budget for the community • Create budgets for current or upcoming activities, such as festivals, repairs, and renovations. • Creating revised financial estimates based on actual project or total year costs 3) Accounting/book-keeping • Opening and managing the bank account of the Society • Keep a detailed and accurate record of all socio-economic transactions. • Manage timely records, cash flow management, securities, vouchers, invoices, receipts, counterfoils, and bank statements in all account books. • The auditor is responsible for preparing the accounts of the society before the external accounts, monthly and annual financial statements as well as the profit and loss balance of the society. • Provide any financial records that members wish to check, as well as submit them to the Registrar, Management Committee, or other government authorities.